News Release
July 17, 2002
TECK COMINCO TO DRILL ROBERTO
SILVER-ZINC-LEAD-COPPER PROSPECT IN PERU
Ballad Ventures Ltd. (“Ballad”) is pleased to report that Teck Cominco’s Peruvian subsidiary has advised that it plans to start drilling in August on the Roberto silver-zinc-lead-copper prospect near Huancavelica in Central Peru. The drilling will test geophysical targets in the area of the Ponciano showing. The best channel sample values reported from the Ponciano showing by Teck Cominco were: 9.5% zinc, 141 g/t silver, and 7.9% lead over 3 m. At Ponciano anomalous lead in soils (over 130 ppm) constitutes a 1.2km by 0.2 km trend. Electromagnetic surveys over the Ponciano area delineated two conductors (over 300 and 400 meters long) parallel to the anomalous metals in soils. The conductors occur in an area of overburden and could be caused by massive sulphide mineralization.
The Roberto property is in the heart of an area of traditional mining for silver. One km south of the property is the Martha Mine, a former producer (at a rate of 150 tonnes/day) of silver, zinc and lead from 1950 to 1980. Resources at Mina Martha, as tabled in the Atlas Mineria en Peru by Ministerio de Energia y Minas, total: 546,000 tonnes @ 8% Pb, 6% Zn, 10 oz/t Ag. The Martha mine was recently acquired by Minsur, a Peruvian tin mining company. The Roberto property is fringed to the north by a large concession belonging to Penoles, a Mexican Mining Company and the largest silver producer in the world.
The Roberto claim covers 1000 ha and is very well situated. It is reachable by road from Huancavelica, a distance of 30 km. The national Peruvian electric power grid is within 20 km of the property and the Lima-Huancavelica railroad passes 14 km east of the property.
Ballad owns a 100% interest in the Roberto property and granted Teck Cominco’s Peruvian Subsidiary an option to acquire 65% in early 2001. Teck Cominco can earn their interest by cash payments totalling US $240,000 and incurring exploration expenditures of US $650,000 staged over 5 years. Teck Cominco completed the first year’s work in 2001 and the drilling will be part of the work commitment called for in the second year of the option agreement.
Ballad has a large database on premium gold and silver properties in Peru and has extensive contacts within the Peruvian Mining Industry. Ballad is currently reviewing several gold and gold-silver prospects of interest for acquisitions in Peru.
BALLAD VENTURES LTD.
Per: “Andre M. Pauwels”
Andre M. Pauwels, P. Geo.
Vice President Exploration
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